Anomaly detection is a powerful technique for detecting fraudulent transactions and behaviors, thanks to financial institutions’ ever-increasing amounts of data.
The PCAOB have released their Data and Technology Research Spotlight, and it’s a doozy: technology-based tools are in.
Does your audit methodology need a facelift? When most people think of an auditor, they picture someone working away on a calculator with a gigantic stack of paper beside them. Invoices, transactional documents, payroll documents, let your imagination run wild. The point is, there’s always a stack of paper, albeit some have started to become
The audit industry has seen a bit of a shakeup in the past few years. New technologies, regulator crackdowns, big firms acquiring and merging, and a general push for improved processes and a review of age-old standards are all signs of new things on the horizon for our industry. But while there was a lot
CFOs continue to be one of the most important resources to their business. In the last 20 years or so, they have spent countless hours working through regulatory and reporting changes, implementing new systems, and partnering with other leaders in the business on analytics. Through all this, they also have to come up with new
An interview with Lisa Zimeskal, CPA, Partner, Hoffman & Brobst, PLLP According to a survey from the International Federation of Accountants (IFAC), smaller accounting firms are facing significant challenges. Attracting new clients, keeping up with new regulations and standards, and cost pressures versus competitors, were among the top concerns of these firms. To combat these challenges, Hoffman &
Recent advancements in Artificial Intelligence (AI) and machine learning are ushering in a new era of possibility for the audit function globally. By touching all transactions in a data set, audit firms around the world are using this cutting-edge technology to drive tremendous efficiency and effectiveness gains. Gilbert Associates Inc. recently adopted MindBridge Ai Auditor™,
Today’s audit environment is more dynamic, complex and growing than ever before concerning financial data. The challenges with globalization, the growing Internet, Big Data and ERP systems with multiple touch points fuels the growth of financial data and challenges the ability of professional accounting firms to assert high-levels of confidence in performing audits. However, with
How a small public accounting firm plans to use Artificial Intelligence (AI) to power audit assurance and risk analysis
Compared to humans, new technologies like Artificial Intelligence (AI) are ideal for automating mundane tasks related to auditing. AI can also verify every transaction and codify human knowledge, enabling auditors to review, analyze and audit more effectively. As big firms adopt AI in their auditing processes, smaller firms are also realizing the value and becoming
I was enjoying a long successful career of 19 years in the business intelligence and the fintech industry when I met Eli Fathi, CEO of MindBridge Analytics Inc. This is when he introduced me to the Association of Certified Fraud Examiners (ACFE), ‘Report to the Nation’s’ report. On page 21 looking at detection methods I